Indicating that it has
developed something out of the ordinary, Transamerica Reinsurance
has been awarded a patent in the US for its Velogica underwriting
technology for non-medically underwritten life
insurance.
According to Transamerica
Reinsurance, Velogica is a fully automated underwriting solution
for simplified issue life insurance. Specifically, Velogica uses
information from the life application, prescription drug databases,
motor vehicle records and Medical Information Bureau reports to
deliver “virtually instant underwriting decisions.”
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Commenting, Dave Dorans,
vice-president of mortality solutions for Transamerica Reinsurance
said: “This new patent highlights the distinct advantages of the
Velogica approach to underwriting non-medical, lower-face amount
business, and allows our solution to stand entirely apart in its
ability to reach an underwriting decision quickly while still
achieving mortality objectives.”
Transamerica Reinsurance is a
unit of Dutch insurer Aegon.
